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EUR/USD Sinks After US Nonfarm Payrolls

July 5, 2013 by

The major event today was the release of US nonfarm payrolls. They came out noticeably better than was expected, but the unemployment rate remained steady, while market participants have hoped for a small decrease. EUR/USD slumped, trading near the lowest level since April, after the report.

Nonfarm payrolls rose by 195k in June, the same rate as in May (revised up from 175k). Market participants have expected a smaller increase by 163k. Yet the unemployment rate remained unchanged at 7.6% even though analysts have predicted it to fall to 7.5%. (Event A on the chart.)

EUR/USD for 2013-07-05

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